Write-Down Pares HBOS's Net Rise

LONDON -- HBOS PLC said 2007 net profit rose 3.8% after increasing write-downs on investments to &pound;227 million ($451 million) from the &pound;180 million flagged in December.

The bank said financial markets are expected to be difficult in 2008 and that house-price growth is expected to be flat, although fundamentals underpinning the housing market -- in particular, record employment levels and shortages of new properties...